University of North Carolina at Chapel Hill has committed $18 million to three private equity funds, said Mark Yusko, CIO. The $800 million endowment fund committed $3 million to Accel Partners; $7.5 million to Softbank Technology Ventures; and $7.5 million to Silver Lake Partners. The funding will come from cash flow. In other news, the endowment cut $15 million from its U.S. fixed-income portfolio managed by Wachovia Asset Management, investing that in a REIT strategy run by European Investors. The goal is to reduce fixed income to 16% of assets from 33%, Mr. Yusko said. Wachovia is still managing $75 million in domestic fixed income for the fund. Separately, UNC hired Barbara Aaron as director of operations, a new position. She was previously director of operations and administration at investment manager Sturdivant & Co., where representatives did not return calls by press time to say whether Ms. Aaron has been replaced.